Struggling sugar producer Tongaat Hulett announced a major board shake-up on Monday evening, switching out four directors and replacing its current chairperson Bahle Sibisi with Louis von Zeuner.
Von Zeuner, an independent non-executive directer appointed to the group's board in late 2018, will assume the role of chairman on October 1.
Sibisi will step down from his position as chair, as well as director, on Sept 30 "having overseen the orderly transition of the board, including the appointment of new directors," the group said in an update to shareholders on Monday.
Other directors set to leave on Sept 30 include:
- Rachel Kupara
- Thandeka Mgoduso
- Brand Pretorius
- Tomaz Salomão
The group announced the appointment of four independent non-executive directors:
- Andile Sangqu
- Linda De Beer
- Jean Nel
- Robin Goetzsche
Sibisi wished his successor well in a statement.
"We are confident that [von Zeuner and new directors] together will bring new insights, and their contribution will strengthen board oversight as the company embarks on a path of restructuring its business and securing value for its stakeholders on a sustainable basis."